Meta's Earnings Boost AI Tokens as Stocks Surge

Meta's Positive Earnings Impact

Meta Platforms, Inc. (META) experienced a surge in stock value, rising nearly 14% after-hours, following the announcement of its positive quarterly earnings. This uplift was driven by a significant revenue increase and a promising forecast, coupled with an impressive $50 billion authorization for stock buybacks. Company CEO Mark Zuckerberg underscored the growth of their community and advancements in AI and the metaverse during the earnings call.

AI Tokens on the Rise

The exciting news had a ripple effect in the cryptocurrency market, specifically boosting artificial intelligence tokens. CoinDesk Indices reports that the Computing Select Index (CPUS), featuring AI-related tokens such as Render (RNDR) and Fetch.ai (FET), climbed nearly 10% within 24 hours. Bitcoin (BTC), in contrast, saw a modest 2% increase during the same timeframe. Notably, RNDR and Akash Network (AKT) tokens also enjoyed gains, with market sentiments echoing Meta's AI pivot.

Sustained Commitment Despite Losses

Despite incurring losses exceeding $20 billion since 2021 after shifting focus toward the metaverse, Zuckerberg maintains his commitment to the concept. Throughout 2022, Meta's metaverse endeavours have yet to seize the market's attention in a significant way, leading to a substantial 60% decline in stock value. Yet, in the year following the company's announcement of turning towards AI, there has been an impressive recovery with more than a 100% increase in stock value.